North Carolina

Drucker + Falk Purchases Sommerset Place Apartments in Raleigh for $26.7M

by Julia Sanders November 8, 2021

RALEIGH, N.C. — Drucker + Falk has purchased Sommerset Place Apartments, a 144-unit apartment community in Raleigh, for $26.7 million (or $185,000 per unit). Will Mathews of Colliers International represented the seller, Investors Management Group Inc. (IMG), in the transaction. Built in 1983, Sommerset Place offers one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. The property was built with a density of 16 units per acre. Located at 6717 Six Forks Road, the apartment community is situated close to Interstates 440 and 540, as well as about 16.9 miles from the Research Triangle in Durham and 13.1 miles from the Raleigh-Durham International Airport. IMG purchased Sommerset Place in December 2017 for $14.3 million and completed a $1 million renovation program. The new owner plans to continue capital improvements on the property.

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Development Multifamily North Carolina Southeast

HHHunt Breaks Ground on Two Apartment Communities in North Carolina

by Julia Sanders November 4, 2021

CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …

November 4, 2021

Acquisitions Healthcare North Carolina Office Southeast

JLL Negotiates $31.4M Sale of Three-Property Medical Office Portfolio in Metro Charlotte

by Julia Sanders November 2, 2021

CHARLOTTE, N.C. — JLL Capital Markets has negotiated the $31.4 million sale of a three-property medical office portfolio totaling 72,499 square feet in metro Charlotte. Mindy Berman, Pete Pittroff, Brannan Knott and Daniel Flynn of JLL represented the seller, The Keith Corp., a Charlotte-based commercial real estate firm, in the transaction. Chicago-based Remedy Medical Properties was the buyer. The portfolio includes the following: Mission Hospital McDowell Medical Office Building located at 430 Rankin Drive in Marion; Steele Creek Medical Office Building located at 13425 Hoover Creek Blvd. in Charlotte; and Tryon Medical Partners – Matthews at 630 Matthews Township Parkway in Matthews. The facilities were 97 percent leased at the time of sale to regional and national healthcare providers including health systems such as Novant Health and Mission Health (HCA), as well as physician practice groups such as Tryon Medical Partners and Charlotte Radiology. The Keith Corp. recently constructed or renovated the Steele Creek Medical Office Building and Mission Hospital McDowell Medical Office Building. The Keith Corp. and Sportsmed Properties developed the Steele Creek property.

November 2, 2021

Acquisitions Multifamily North Carolina Southeast

Middleburg Communities Sells New Apartment Community in Wilmington for $63.8M

by Julia Sanders November 1, 2021

WILMINGTON, N.C. — Middleburg Communities, a Vienna, Va.-based multifamily development, investment, construction and management company, has completed the disposition of Mosby at Riverlights, a 250-unit, Class A apartment community in Wilmington. Boca Raton, Fla.-based RAS Realty Partners purchased the property for $63.8 million and plans to rebrand the property as Oasis at Riverlights. Developed and completed by Middleburg Communities earlier this month, Mosby at Riverlights features one-, two- and three-bedroom homes. Units feature granite countertops, hard-surface plank flooring, designer lighting and stainless steel appliances. Community amenities include a pool with outdoor cabanas, an 8,000-square-foot, two-level clubhouse with terraces and an outdoor kitchen with grilling areas. Located at 4027 Watercraft Ferry Ave., the property is situated 6.5 miles from downtown Wilmington, about 7.6 miles from the University of North Carolina at Wilmington and approximately 6.4 miles from Wilmington Riverwalk.

November 1, 2021

Acquisitions Hospitality Multifamily North Carolina Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Southwest Charlotte for Multifamily Conversion

by Julia Sanders October 28, 2021

CHARLOTTE, N.C. — Blaze Capital Partners and Argosy Real Estate Partners have purchased The Spoke at Tyvola Station, an extended-stay hotel in the Southwest submarket of Charlotte, with plans to convert the former hotel into a 116-unit multifamily community. The seller and sales price were not disclosed. Built in 1985 as a hotel, The Spoke at Tyvola Station was renovated in 1998 and recently underwent additional interior upgrades over the past 18 months. As part of the repositioning plans, Blaze Capital and Argosy will renovate the interior units and common areas, including the clubhouse, leasing office, exterior curb appeal and landscaping. The Spoke at Tyvola Station will include 10 two-story residential buildings and one three-story building with a mix of one- and two-bedroom floorplans. Community amenities will include a clubhouse, swimming pool and outdoor lounges. Located at 5816 Westpark Drive, The Spoke at Tyvola Station offers access to Interstate 77 and Tyvola Road. The community is situated about 6.5 miles from downtown Charlotte and about 8.3 miles from Charlotte-Douglas International Airport.

October 28, 2021

Acquisitions Multifamily North Carolina Southeast

Blue Heron Sells Indigo Apartments in Metro Raleigh for $121.9M

by Julia Sanders October 27, 2021

MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction. Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse. Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.

October 27, 2021

Acquisitions North Carolina Retail Southeast

Franklin Street Arranges Sale of 31,721 SF Retail Property in Northwest Charlotte

by Julia Sanders October 27, 2021

CHARLOTTE, N.C. — Franklin Street has arranged the sale of Riverbend Village, a 31,721-square-foot retail property in northwest Charlotte. Bryan Belk and John Tennant of Franklin Street represented the sellers, Simpson Commercial and Landmark Development, in the transaction. CenterSquare Investment Management, a Philadelphia-based real estate investment manager, was the buyer. The sales price was not disclosed. Built in 2019, Riverbend Village features tenants including AT&T, Chicken Salad Chick, Great Clips, Heartland Dental, Jersey Mike’s Subs and Red Wing Shoes. The property has eight end caps that provide patio seating for the restaurant tenants. Located at 9515 Riverbend Village, the property shares a site with several outparcels, including Chick-fil-A, Freddy’s Frozen Custard & Steakburgers, Taco Bell and Dunkin’. The property is also situated adjacent to a Walmart Supercenter. The Riverbend Village shopping center is part of a large-scale mixed-use development that includes 200,000 square feet of retail and is anchored by a Harris Teeter grocery store. Upon completion, the Riverbend project will include 105 townhomes, 266 apartments and a 120-room Courtyard Marriott, along with office, medical and additional retail space.

October 27, 2021

Development Hospitality North Carolina Southeast

City of Charlotte, Visitors Authority Open $126.9M Charlotte Convention Center

by Julia Sanders October 25, 2021

CHARLOTTE, N.C. — The City of Charlotte and the Charlotte Regional Visitors Authority (CRVA) have opened the Charlotte Convention Center in Uptown Charlotte. The $126.9 million expansion project broke ground in December 2019 and added approximately 50,000 square feet of meeting room and pre-function space, taking the venue’s total leasable space to 600,000 square feet. The number of meeting rooms increased from 41 to 55 and now includes two 10,000-square-foot spaces. New to the convention center is an exterior over street pedestrian walkway, which connects the property to the adjacent 700-room Westin Charlotte hotel and a LYNX Blue Line light rail stop. The newly expanded convention center is the anchors of Uptown Charlotte, an urban submarket that features 200-plus restaurants and more than 6,000 hotel rooms. Atlanta-based TVS, the original designer of the Charlotte Convention Center, served as the architect for the expansion project. Holder-Edison Foard-Leeper JV was the construction manager.

October 25, 2021

Development Industrial North Carolina Southeast

WDG to Develop 630,000 SF Industrial Park in Statesville, North Carolina

by Julia Sanders October 21, 2021

STATESVILLE, N.C. — Williams Development Group (WDG) plans to break ground on Statesville Commerce Center, a 630,000-square-foot speculative industrial park in Statesville. Grant Miller, Rob Speir and Justin Smith of Colliers | Charlotte have been hired by WDG to lease and market the property. Statesville Commerce Center will offer access to Interstates 77, 40 and 85 and will feature two Class A buildings with Building 1 set to include 370,136 square feet, 36-foot clear heights, 72 dock-high doors and 145 trailer spaces. Building 2 will include 263,701 square feet, 32-foot clear heights, 33 dock-high doors and 73 trailer spaces. Both buildings will feature an ESFR fire suppression system and LED lighting. Building 1 and 2 are slated for completion by 2023. WDG and Colliers | Charlotte are collaborating on this project with Merriman-Schmitt Architects Inc., Oak Engineering and Landmark Builders. Statesville Commerce Center is WDG’s fifth development in North Carolina following projects in Greensboro, Whitsett, Winston-Salem and High Point.

October 21, 2021

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